Shardul Amarchand Mangaldas & Co. Advises on Acquisition of Strategic Stake in PRL Developers Pvt. Ltd. by Warburg Pincus and Goldman Sachs

Shardul Amarchand Mangaldas & Co. (SAM & Co.) advised Warburg Pincus (client) on all aspects of the acquisition including the structuring, due diligence and documentation.

The size of the Warburg leg of the transaction is INR 1800 Crores.

The size of the Goldman leg of the transaction is INR 900 crores.

The SAM & Co. team was led by Managing Partner, Mr. Akshay Chudasama. The key partners were Ms. Ashoo Gupta, and Mr. Mithun V. Thanks. The supporting team included Ms. Samidha Tyagi, Principal Associate-Designate, Mr. Daryush Marfatia, Principal Associate-Designate, Ms. Neety Thakkar, Senior Associate-Designate, Mr. Nishant Sharma and Ms. Shimoni Sheth, Associates.

The transaction involved two distinct legs:

a) The acquisition by Warbug Pincus through its affiliate, of a strategic stake in PRL Developers Private Limited, a leading real estate developer with key projects (both residential and mixed use) in Mumbai and the suburban region. PRL Developers Private Limited is a member of the Ajay Piramal Group of Companies.

The Warburg leg of the transaction closed in the first week of August, 2015.

b) The strategic stake acquisition in PRL Developers Private Limited by Goldman Sachs, through its affiliates.

The Goldman leg of the transaction is expected to close by the end of August, 2015.

Innovative Features of the deal:

The Warburg Pincus leg of the transaction is the second largest PE investment in the Indian real estate sector.

Other Advisors:

KPMG were the financial and tax advisors to the client.

PRL Developers Private Limited and Piramal Realty Private Limited, both members of the Ajay Piramal Group of Companies, were represented by CAM led by a team of partners, Ravikumar and Vandana Sekhri.

Goldman Sachs was represented by Nishith Desai and Associates, with a team led by partner Vaibhav Parikh along with Ruchir Sinha.

About Shardul Amarchand Mangaldas & Co. (SAM & Co.):

Shardul Amarchand Mangaldas & Co. (SAM & Co.) is one of India’s leading full service law firms. Founded on almost a century of legal achievement, SAM & Co. reconstituted in May 2015 and has started anew. The Firm is known for its exceptional Mergers & Acquisition, Competition Law, Dispute Resolution & Arbitration, Regulatory Litigation, Capital Markets and Private Equity practices globally.

Its mission is “enabling business by providing solutions as trusted advisors through excellence, responsiveness, innovation and collaboration”. The Firm has been at the helm of major headline transactions and litigations in all segments of industry and business besides representing major trans-national corporates on their India entry and business strategy.

Headed by eminent practitioners Shardul Shroff and Pallavi Shroff, the Firm has more than 350 lawyers, including 65 partners across its six offices in India, which include – New Delhi, Mumbai, Gurgaon, Ahmedabad, Bengaluru and Kolkata.